Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
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Representative example: £500 borrowed for 90 days. Total amount repayable is £672.60. Interest charged is £172.60, interest rate 140.0% (variable).
Get the Money You Need with Cheap Payday Loans UK
Cheap payday loans are convenient, short term loans that allow you to access the much-needed cash between paychecks without having to spend tons of money on interests. While there are multiple direct lenders that give out payday loans, not all of them provide you with the best possible deal.
At NowLoan, we will help you get cheap payday loans by linking you up with a panel of affordable consumer credit companies who are most likely to approve your request. Our application process is simple, straightforward and stress-free:
· Step 1: Fill in our 2-minute online quote form at the comfort and privacy of your home or office. This form allows us to capture your personal information, including your name, phone number, address, and bank information. You’ll also be required to choose the loan amount and the repayment period.
· Step 2: We will match your loan request with a qualified lender that is most likely to approve your cheap payday loan request. This process is super fast and usually takes a few minutes to get a provisional decision on your loan request.
· Step 3: If you find the quote affordable, you’ll then make a formal application to the qualified direct lender.
· Step 4: The lender will do a soft search on your credit that does not leave a footprint on your credit file. Depending on your creditworthiness and affordability, the cash will be sent to your bank account within minutes after approval.
Absolutely. One of the biggest advantages of cheap payday loans is that adverse credit history is not usually a big problem. As long as you are UK resident with a valid bank account and working email address, you’re at least 18 years of age, have a full-time or part time employment and have filled the online quote form, you can access cheap payday loans from our FCA approved lenders.
Since payday loans are short-term loans, their interest rates can be higher than those of other loans. However, these rates are capped by the Financial Conduct Authority at 0.8 per cent per day. Say you borrowed £500 for 30-days; you’ll be expected to pay £4.00 in interest every day until the payday loan is fully repaid. In case of late payments, you should not pay more than £15 fee according to the FCA.
This, therefore, means that if you’re looking for cheap payday loans online, you’ll want to look for lenders that are FCA approved since that shows that their rates comply with the authority’s set caps.
At NowLoan, all 40+ direct lenders on our panel are FCA approved and have competitive rates that are tailored to meet your specific financial needs. We have robust software that compares the interest rates and APRs offered by different lending companies to get you the best low-rate payday loan, fast.
If you have a less-than-ideal credit record and are looking for cheap, no guarantor payday loans, we can help you get the best deal. Simply fill out our application form and get an instant pre-approval quote from one of our trusted lending partners. It’s absolutely free to apply for cheap payday loans on our website.